The following presentation takes you through the Corporate Governance norms as prescribed by SEBI with a bit of detail into some major Corporate governance scams in INDIA
TAS Inhouse Presentation round 2014. A case study on French Conglomerate Vivendi and its transformation over the years in the context of financials and Leadership.
Visit www.tas2014.wordpress.com for more updates on TAS process
The following presentation takes you through the Corporate Governance norms as prescribed by SEBI with a bit of detail into some major Corporate governance scams in INDIA
TAS Inhouse Presentation round 2014. A case study on French Conglomerate Vivendi and its transformation over the years in the context of financials and Leadership.
Visit www.tas2014.wordpress.com for more updates on TAS process
Founded in 1940
Public Company
Headquarters in London , UK
CEO Asil Nadir
17000 Employees
Textile Industry
Textile products
Bankrupt & broken up in 1990
The Most beautiful and secure residential homes in Mexico City at the Historic Coyoacán colonia are in PEDREGAL DE SAN FRANCISCO. Look at this presentation if you are thinking to move to Mexico City. Residential for sale or Rent.
MODUS-VIVENDI es arquitectura modular con un diseño de calidad, funcional, personalizable, económico y de rápida construcción. Casas modulares. Viviendas modulares. Construcción industrializada. Edificación modular. Viviendas prefabricadas. Casas sostenibles. Prefab.
Consumer Online Finance - Presentation by Marco Pescarmona, Founder & CEO of Gruppo MutuiOnline at the NOAH 2014 Conference in London, Old Billingsgate on the 13th of November 2014.
Ms. Vinsons work world began to change in mid-2000. With the teleco.pdfmkagarwalma
Ms. Vinson's work world began to change in mid-2000. With the telecommunications industry in
a severe slump, Chief Executive Bernard Ebbers and Chief Financial Officer Scott Sullivan
informed Wall Street in July that the company's results for the second half of the year would fall
below expectations. That warning turned out to be far too mild.
The company had a looming problem: Its huge line costs -- fees paid to lease portions of other
companies' telephone networks -- were rising as a percentage of the company's revenue. Those
numbers were carefully monitored by Wall Street. Then in the third quarter of 2000, the
company was hit with $685 million in unpaid bills, after some of its
small customers went belly-up.
Inside the accounting department, a scramble ensued to try to reduce expenses on the company's
financial statements enough to meet Wall Street's expectations for the
quarter. But Ms. Vinson, Mr. Normand and Mr. Yates were able to scrape together only $50
million, far from the hundreds of millions it would take to hit the company's profit target.
In October, Mr. Yates convened a meeting with Ms. Vinson and Mr. Normand in the accounting
department, which occupied a corner of the fourth floor at WorldCom's headquarters. He told
them that Mr. Myers and Mr. Sullivan had asked them to dip into a reserve account set aside to
cover line costs and other items for WorldCom's telecommunications unit, fish out $828 million
and use it to pay other expenses, according to people familiar with the meeting. In doing so, they
would reduce expenses for the quarter and boost earnings.
1. Re-create the journal entry WorldCom accountants prepared in October 2000 to dip into the
reserve in the amount of $828 million. Explain why this journal entry reduced expenses for the
quarter and boosted earnings.
By the end of the first quarter of 2001, it was clear Ms. Vinson would have to prepare another
bad financial report. As the company's revenue fell, its line costs, as a percentage of revenue,
were well above the company's 42% goal. Again, Ms. Vinson and her colleagues searched for
costs they could reduce. But this time they could find no large pools of reserves to transfer to
solve the profit shortfall. The gap was a whopping $771 million.
As the situation grew dire, a troubling solution was ordered up by Mr. Sullivan, according to a
former WorldCom employee. Rather than count line costs as part of operating expenses in the
quarterly report, they would shift $771 million in line costs to capital-expenditure accounts,
according to SEC filings. The shift would boost the company's bottom line. That's because
operating expenses, such as salaries and benefits, are subtracted from income as they occur,
reducing a company's current profit. Capital expenses are subtracted from income over long
periods of time.
2. Re-create the journal entry WorldCom accountants prepared in the first quarter of 2001 to shift
$771 million in line costs to capital-expenditure accounts. E.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Ethnobotany and Ethnopharmacology:
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Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
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Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
2.
Vivendi SA (formerly known as Vivendi universal
is a French multinational mass media and
telecommunication company headquartered in
Paris, France. It reported losses of Euro 23.3
billion for the financial year 2001-02 which was the
biggest corporate loss reported in French
corporate history.
3.
Vivendi universal was originally founded in 1853 as a utility
company under the name compagnie generale des eaux (CGE).
For more than century the company remained largely focused on
the water sector. However, in 1976, CGE began diversifying its
operations from water into waste management, energy, and
transport services, and construction and property. In 1983, CGE
helped to found canal+, the first Pay-TV channel in France, and in
the 1990s, it began expanding into telecommunications and mass
media , in 1994, Jean-Marie Messier took over as the CEO of the
company. He had the vision of transforming CGE as a ‘leading
media company’ of the world. He acquire many companies to
realize the vision. Major acquisitions during the late 1990s
included NetHold (one of the leading pay Tv operators in
Continental Europe), Cedent Software (US based entertainment
software provider), and Ananya (leading Spanish based
multimedia publishers). In 1996, CGE created cegetel to take
advantage of the 1998 deregulation of the French
telecommunications market.
In 2000, Vivendi Universal Entertainment was created with the
merger of Vivendi Media Empire with Canal+ television networks
and the acquisition of Universal Studios from Canadian company
Seagram.
4.
(1) Heavy Debts-
Vivendi had grown entirely
through acquisitions. Messier spent Euro 600 billion in 200-01
for that. Due to numerous acquisitions there was a huge
accumulation of debts. Besides band borrowings, bonds
convertible into common shares were issued for paying those
acquisitions. When the share prices began to fall toward the
end of 2001 following dot com bubble burst, Vivendi piled up
huge losses and faced severe cash flow problems. Following
this the share price of the company fell further by 60% in
March 2002. Vivendi off-loaded some stakes in the market
including 15% sale of stake to Deutsche Band. The liquidity
crunch in Vivendi sent a shocking wave in the market.
5.
(2) Misleading Information- Messier tried to
cover up the fact of huge losses and debts by issuing
press releases portraying cash flows as ‘excellent’,
operating earnings (EBITDA) better than the projections
and ahead of he targets. The press releases of the first,
second and third quarter of 2002 presented a materially
misleading picture of the financial condition of Vivendi. In
May 2002, Vivendi was talking about comfortable cash
situation an manageable debts. In July 2002 Vivendi
admitted loss of Euro 13.6 billion for 2001 and
accumulated debts of Euro 37 billion.
6.
(3) Aggressive Accounting- During
2001-02, Vivendi engaged in a variety of improper
accounting practices to present a false impression of
company’s operating profits. The top management f
the company improperly adjusted certain reserve
accounts of subsidiaries, made accounting entries
without supporting documents, excluded certain
obligation and deviated from the French an US
accounting standards. In July 2002, a minority
shareholder’s association filed a suit against Vivendi
accusing it of concealing financial information and
presenting fraudulent information
7.
4) Dubious
Agencies-
Role of Credit
Moody’s Investors Services and
S7P did not downgrade the credit rating of
Vivendi in December 2001 inspite of huge
losses and mountainous debts. It ostensibly
believed the assurance from the Vivendi
management that it would reduce debts in the
year 2002.
8.
Lack of Proper Leadership-
Lack of
proper leadership was evident in Vivendi with Messier
on a spree of expansion through acquisitions. Messier
guided the company by his only dream of dream of
turning Vivendi into a leading global media company.
Some of the acquisitions and a pile of huge debts
ultimately led the company to a near bankrupted.
Corporate strategies adopted by the company were
most times confusing, sometimes contradictory and
unrelated to the media focus of the company.
9.
Ineffective Board of Directors-
The board was largely ineffective composed of
‘CEO friendly’ directors and dominated by
Messier. The board failed to question reckless
acquisitions and selling of stakes one after the
other. The debts employed for the acquisitions
and the resultant high debt equity ratio did not
receive proper assessment and attention of the
board The board also failed in assessing the
leverage risk. The financial management and
control system in Vivendi was weak.
10. High
Severance Compensation-
Messier, the CEO of the company who
plunged the company near to bankruptcy was paid
severance package of US$ 20million. This was
corollary to the collapse of the stock price and
heavy losses which the company ha to suffer on
account of ill conceived debts to pay off
acquisitions
11.
Dubious Role of Credit Agencies- The
Mooky’s Investors Services and S7P did not
downgrade the credit rating of Vivendi in December
2001 in spite of huge losses and mountainous
debts. It ostensibly believed the assurance from
the Vivendi management that it would reduce
debts in 2002.
12.
Insider Trading- Certain executives of
Vivendi appeared to have indulged in insider
trading of selling the shares ahead of the
declaration of financial results of the company.
13.
Its chairman and CEO. Jean-Marie messier was forced
to resign and was subsequently replaced by jean-Rene
Fourtou.
Messier was found guilty of embezzlement in 2011.
The company paid over US$20 million to Messier as
part of his severance package.
The company began to reorganize to stave off
bankruptcy. It announced a strategy to sell nonstrategic assets and reduced its stake in Vivendi
Environment to 40% and sold its stake in Vinci
Construction
